Remington, the oldest gun making company in
the United States, has filed bankruptcy protection as their sales have plummeted. It’s completely counterintuitive. People think they’re making tons of money. They’re really not. The company’s also facing major lawsuits for
their defective rifles, a fact that most media outlets have completely failed to tell. It’s a big lawsuit where their … Their rifles
are blowing up in the faces of people, but at any rate, most people would never dream
that Remington would have to be looking at bankruptcy, would they? No. I mean, Colt, for example, already filed for
bankruptcy, right? Yeah. Chapter 11, and so what’s happening here? What are the dynamics that are happening other
than Trump is elected? Well, that’s actually what it has to do with,
because the NRA is only able to go out and sell more guns and make profits for these
gun companies when Democrats are in power. When Obama was president, there was this massive
spike in gun sales. People stocking up, buying more, because the
talking point from not just the NRA, Republican politicians, was that these Democrats, they’re
in power. They’re gonna come take your guns, and so
it drives them through fear to go buy guns. Now, they have for the last 12 months, what
they’re calling the Trump slump because nobody’s buying guns right now. Nobody wants to buy them. They already stocked up. They know that Trump and the Republicans aren’t
gonna come take them, even though nobody was gonna come take them, so now Remington is
using that as the excuse, but I don’t think that’s actually why. What do you think is going on here? Here’s the way I see it. In American, there is what we call a tight
gun base. In other words, it’s not that so many guns
are sold to so many different people. It is that so many guns are sold to this very
tight base of gun owners who believe that somebody’s coming for their guns. The stories that you and I have done so many
times is we would see Obama make a statement or something that Obama would do, and all
of a sudden the sales that week would be skyrocketing. They were selling so many guns, they couldn’t
keep … Remember when they couldn’t keep enough ammunition in stock? They couldn’t keep enough guns in stock. AR-15s were going out the windows, and so
Remington actually developed this Bushmaster AR-15, so factor that into what’s happening
here. In other words, if I believe kind of where
this story’s going and ABC covered this. I thought they did a pretty good job. If I take a look at it, they’re saying there’s
only so many AR-15s that you can sell because most people don’t want an AR-15, but there’s
a very tight group of people in America who do. Right. Look, there’s absolutely truth in that, but
we also know at the same time Remington is facing huge lawsuits from consumers dating
back decades for making faulty rifles, and by filing this bankruptcy protection, they
could be able to spin off, rename, sell it to a subsidiary so they get to keep making
their AR-15s under a different name, under a different structure. Yeah, called channeling. Right. The process, when you see a big corporation
do this kind of thing, it’s called channeling, and that is we’ve done something so terrible
and we’re gonna be hit with so much money that we’re gonna spin off all of our liabilities,
start a new company, continue business as usual and we’re not even gonna have to pay
for all the horrible things we did. We see it happen with pharmaceutical companies
all the time. We see it happen with chemical companies. The last case I tried, a DuPont case up in
the Ohio River Valley, they were using this concept of channeling. Yeah, we’ve poisoned people, we’ve killed
them, we’ve created cancer all over the Ohio River Valley. We gotta get out of here now and start this
other company. That’s your theory here. Yeah, and then it’s, “Oh no, it was those
guys. Not us over here.” It’s Marlboro changing their name and starting
that new little sub-company Altria. Yeah, exactly. Like, “No, they’re the bad guys in this. We’re just little Marlboro here.” Who is Altria? It’s something corporations do all the time
and I think that’s playing a huge rule in what Remington has decided to do here with
this bankruptcy. Yeah, good theory.